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Peugeot Citroen : Automotive Equipment 2005 Faurecia sales and revenue rose 2.4% to €10,978 million. On a constant exchange rate and scope of consolidation basis, and excluding catalytic converter sales, sales and revenue were up 1.4% for the year. Sales to other Group companies totaled €2,468 million. Non Group sales rose 4.3% to €8,510 million, led by sales outside Europe, which have grown in parallel with the expansion of Faurecia’s manufacturing presence in North America and Asia. Faurecia’s operating margin came to €267 million, or 2.4% of sales, versus €283 million or 2.6% in 2004, due to the increase in raw materials costs, the year-end decline in sales to French carmakers and the costs incurred on the start-up of new units in the United States, Asia and Eastern Europe. Restructuring costs of €160 million primarily related to restructuring plans implemented at various Faurecia plants in France and Germany. Other income and expense also included €180 million in impairment losses recognized on the assets of Faurecia’s Vehicle Interior Systems and Modules businesses 2003 Faurecia reported sales of €10,123 million, an increase of 2.6% over 2002. On a like-for-like basis – excluding the effect of changes in prices of the precious metals used in the manufacture of exhaust systems, exchange rates and the scope of consolidation – the increase was 8.3%. Car seat sales totaled €4,353 million, an increase of 8% over 2002 and 10.3% excluding the currency effect. In the first half of the year, volumes were boosted by production ramp-ups for a large number of models, as well as by the contribution of the new Vigo plant in Spain, which came on stream during the summer of 2002. In the second half, market conditions were more difficult and European automobile production declined; in spite of this, car seat sales expanded 3.2%, helped by the ramp-up or launch of new models. Sales of other vehicle interior modules came to €3,506 million, up 1.2% over 2002. At constant exchange rates and consolidation scope, the year-on-year increase was 7.3%. Exhaust system sales retreated 10.7% on a published basis but inched up 0.4% like-for-like, excluding catalytic converters and at constant exchange rates and consolidation scope. Front-end sales totaled €676 million, up 13.9% over 2002. 2001 Faurecia is Europe's third-largest automotive equipment maker and ranks among the global leaders in its six core businesses: car seats, dashboards and cockpits, door panels, acoustic systems, front-end assemblies and exhaust systems. The company reported sales of €9.6 billion in 2001, an increase of 64.6% (or 14.5% at comparable scope of consolidation). It operates in 27 countries and employs more than 50,000 people at 153 different locations. Faurecia shares are traded on the Paris Bourse. For Faurecia, the highlight of 2001 was the acquisition of Sommer Allibert's automotive operations. This major step forward in the company's strategic development places Faurecia among the global leaders in each of its six core businesses: car seats (number three worldwide), dashboards and cockpits (number two), door panels (number three), acoustic systems, front-end assemblies (number two) and exhaust systems (number three). Faurecia enjoyed another year of strong business growth in 2001, particularly in car seats and vehicle interiors. A large number of new model launches by carmaker customers helped lift sales despite a slowdown in production volumes at the end of the year.
FINANCIAL RESULTS 2001 Sales rose 64.6% to €9,611 million, from €5,840 million in 2000, reflecting the fullyear contribution of Sommer Allibert's automotive businesses. Comparable sales were up 14.5%. Operating margin came to €260 million, representing 2.7% of sales. The Sommer Allibert automotive businesses contributed operating margin of €134 million. The positive impact of volume growth was more than offset by higher raw materials prices (especially plastics) and by start-up costs for a particularly large number of new products and production units. Anticipating a contraction in automobile production in the US and Europe in 2002, Faurecia is stepping up a number of restructuring initiatives introduced in addition to the 10/10 plan launched in 2000. Sales are expected to slacken in the first six months of 2002 and pick up in the second half of the year. 2000 The Automotive Equipment business in 2000 increased sales by 36.8% during the period, to 5,840 million of euros, reflecting the first full-year consolidation of AP Automotive Holding Inc. (APAS). Comparable sales were up 20.9%. In the past till 1998 PSA maintained PSA Mechanical Engineering & Services, which was represented by the following units:
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